Virgin Australia co-founder Rob Sherrard has broken his silence over his role in a push by bondholders to take ownership of the bankrupt airline and revealed he has enlisted the help of other former Virgin executives.
"In simple terms, we are proud investors and supporters of Virgin Australia and its people," Mr Sherrard said in a statement."We believe in the airline, firmly support the vision of management and are confident that Virgin can return to being a successful airline." Bondholders, which include around 30 major institutional investors and around 6000 retail investors, would swap their debts for shares in Virgin, which would remain listed on the ASX, and contribute to a $800 million capitalisation under the plan.
pwhatch Does Australian insolvency law require the administrator to find the best outcome for creditors? Is anyone able to give a simple answer to that?
pwhatch What was he doing all these months as VirginAustralia was going down the gurgler? Scratching his scrotum?
pwhatch Are they shareholders?
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